The Blockchain Network
A blockchain is a decentralized, digital ledger that records transactions across a network of computers. It is the technology that underlies cryptocurrencies like Bitcoin, but it can also be used for a wide variety of other applications.
In a blockchain network, transactions are grouped together in blocks, and each block is linked to the previous one using cryptography. This creates a chain of blocks, or a "blockchain," that cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. This makes the blockchain an immutable and secure way to record transactions.
One of the key features of a blockchain network is its decentralization, meaning that it is not controlled by any single entity. Instead, it is maintained by a network of computers, or "nodes," that work together to validate transactions and add them to the blockchain. This is achieved through consensus algorithms, which are used to reach agreement on the state of the blockchain among the different nodes.
Blockchain networks can be either public or private. Public blockchain networks, like Bitcoin, are open to anyone and are maintained by a decentralized network of nodes. Private blockchain networks, on the other hand, are typically created for specific use cases, such as supply chain management, and are only accessible to authorized participants.
In summary, a blockchain is a decentralized, digital ledger that records transactions across a network of computers, it creates a chain of blocks that cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. It is maintained by a network of computers, or "nodes," that work together to validate transactions and add them to the blockchain, it can be either public or private and it can be used for various applications.
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